Business

TD CEO says it will be “tougher” to meet earnings

OTTAWA — TD Bank’s chief executive, Ed Clark, said the Canadian economy’s slower growth will make it tougher for the bank to meet its earnings targets this year.

But the head of one of Canada’s biggest banks said that by looking to assets other than its domestic banking operations, TD Bank will continue to grow.

TD has targeted adjusted earnings-per-share growth of 7 to 10 percent in 2013.

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On Wednesday, Clark announced he plans to retire late next year. He will be replaced by Bharat Masrani, head of the bank’s US operations.

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Clark told the audience at the bank’s annual meeting on Thursday that economic advantages that once helped the Canadian economy weather the financial crisis are starting to fade. Clark said TD’s US presence will give it an advantage over competitors as the US economy recovers.

TD did not have a presence in the United States eight years ago but now has more than 1,300 US branches and about 1,100 in Canada.